Operational Efficiency and Leverage Effects in Driving Financial Performance: Firm Size Moderating in Indonesian Chemical Industry
Abstract
Introduction/Main Objectives: Financial performance in Indonesia’s chemical subsector fluctuated during 2020–2024. Therefore, this study examines the effects of operational efficiency (BOPO) and leverage (DER) on financial performance (ROA), with firm size as a moderating variable. Novelty: This paper adds novelty by testing firm size as a moderating variable in the relationships among operational efficiency (BOPO), leverage (DER), and financial performance (ROA), specifically in IDX-listed chemical subsector firms (2020–2024), thereby addressing gaps and inconsistent results in prior studies. Research Methods: A quantitative causal method with secondary data from annual reports/financial statements of 10 IDX-listed chemical subsector companies (2020–2024), selected using purposive sampling. Analysis uses multiple regression and Moderated Regression Analysis (MRA) in SPSS. Finding/Results: BOPO does not have a significant direct effect on ROA. DER significantly affects ROA with a negative direction. Firm size significantly moderates the BOPO-ROA relationship. Firm size does not moderate the relationship between DER and ROA. Leverage decisions are more consistently related to profitability in the chemical subsector, while the impact of operating efficiency on profitability depends on company scale (larger vs. smaller asset bases), indicating heterogeneous cost–performance dynamics across firm sizes. Conclusion: The study concludes that leverage (DER) influences ROA, while BOPO does not show a consistent direct effect. Firm size moderates the BOPO–ROA relationship but does not moderate the DER–ROA relationship.
References
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Dsouza, S., Rabbani, M. R., Hawaldar, I. T., & Jain, A. K. (2022). Impact of Bank Efficiency on the Profitability of the Banks in India : An Empirical Analysis Using Panel Data Approach. International Journal of Financial Studies, 10, 93. https://doi.org/10.3390/ijfs10040093
Fadhilah, A. S., Kusumawardhani, R., & Sari, P. P. (2025). The Influence of Operational Costs And Operational Revenues (BOPO), Debt To Equity Ratio (DER), and Capital Adequacy Ratio (CAR) On Profitability In Banking Companies Listed On The Indonesia Stock Exchange (IDX) For The 2018-2023 Period. Dinasti International Journal of Economics, Finance & Accounting, 6(3), 2197–2207. https://doi.org/10.38035/dijefa.v6i3.4653
Fahmi, I. (2020). Analisis Laporan Keuangan (Cetakan 7). ALFABETA, cv.
Fajryanti, H., & Zuhri, M. (2021). Kinerja Keuangan Sebagai Prediktor Harga Saham Unggulan. Jurnal Manajemen Dan Perbankan, 8(2), 1–17.
Fauziah, N., Azhar, M. M., & Maiyaliza, M. (2024). Mediation of Company Size In The Influence Of Profitability and Leverage On Company Value (Empirical Study On Manufacturing Companies In The Basic Industrial and Chemical Sectors, 2020-2022). Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 7(3), 5859–5872. https://doi.org/10.31538/iijse.v7i3.5105
Fietroh, M. N., & Fitriyani, I. (2022). Pengaruh Debt To Equity Ratio, Non Performing Loan dan Biaya Operasional Pendapatan Operasional Terhadap Return On Asset Pada PT. Pegadaian (Persero). Jurnal Ilmiah Manajemen Dan Bisnis, 7(2), 180–194. https://doi.org/10.38043/jimb.v7i2.3846
Fitrilia, A. D., & Nilwan, A. (2025). The Effect of Current Ratio and Debt to Equity Ratio on Net Profit Margin (Empirical Study on Companies in the Plastics and Packaging Sub-Sector For The Period 2021-2023 Listed On The IDX). International Journal of Accounting, Management, Economics and Social Sciences (IJAMESC), 3(1), 130–144. https://doi.org/10.61990/ijamesc.v3i1.457
Ghozali, I. (2021). Aplikasi Analisis Multivariate dengan Program IBM SPSS 2025 Edisi 9. Badan Penerbit - UNDIP.
Handoyo, S., Suharman, H., Ghani, E. K., & Soedarsono, S. (2023). A business strategy, operational efficiency, ownership structure, and manufacturing performance: The moderating role of market uncertainty and competition intensity and its implication on open innovation. Journal of Open Innovation: Technology, Market, and Complexity, 9(2), 100039. https://doi.org/10.1016/j.joitmc.2023.100039
Hanif, I. F., Wijaya Z, R., & Hernando, R. (2025). Pengaruh Capital Adequacy Ratio (CAR), Non Performing Loan (NPL), Loan to Deposit Ratio (LDR) dan Biaya Operasional Pendapatan Operasional (BOPO) terhadap Return on Asset (ROA) Studi Empiris pada Perusahaan Bank Umum Konvensional yang terdaftar di BEI. Jurnal Akuntansi Kompetif, 8(3), 840–852. https://doi.org/10.35446/akuntansikompetif.v8i3.2466
Hardi, I., Idroes, G. M., Hardia, N. A. K., Fajri, I., Furqan, N., Noviandy, T. R., & Utami, R. T. (2023). Assessing the Linkage Between Sustainability Reporting and Indonesia’s Firm Value: The Role of Firm Size and Leverage. Indatu Journal of Management and Accounting, 1(1), 21–28. https://doi.org/10.60084/ijma.v1i1.79
Idxchannel. (2022). Gara-Gara Penjualan Turun, Polychem (ADMG) Jadi Rugi Rp315,18 Miliar. Idxchannel.Com.
Ilham, A., Ningrum, W. C., & Budianto, E. (2025). Assessment Of Financial Performance At PT Kimia Farma Tbk With A Financial Ratio Approach For The Years 2022-2023. Al Tijarah, 11(1), 49–58. https://doi.org/10.21111/at.v11i1.14259
Iskandar, N., Mandra, I. G., & Oktariyani, G. A. S. (2020). Pengaruh Profitabilitas Dan Leverage Terhadap Nilai Perusahaan Pada Perusahaan Sektor Industri Dasar Dan Kimia Di Bei Periode 2014-2018. JURNAL SOSIAL EKONOMI DAN HUMANIORA, 6(2), 105–113. https://doi.org/10.29303/jseh.v6i2.85
Jatmiko, B. (2025). Operational Efficiency , Capital Adequacy , and Profitability : A Case Study of Central Java’s Regional Development Bank. Balance : Jurnal Akuntansi Dan Manajemen, 4(1), 137–148. https://doi.org/10.59086/jam.v4i1.661
Kasmir. (2019). Analisa Laporan Keuangan. PT RajaGrafindo Persada.
Khoza, F. (2025). The Impact of Liquidity and Leverage on the Financial Performance of the Johannesburg Stock Exchange-Listed Consumer Goods Firms. Journal of Risk and Financial Management, 18(9), 510. https://doi.org/10.3390/jrfm18090510
Kraus, A., & Litzenberger, R. H. (1973). A State-Preference Model of Optimal Financial Leverage. The Journal of Finance, 28(4), 911. https://doi.org/10.2307/2978343
Lalon, R. M., Faruk, M. O., & Amir, K. Bin. (2025). Investigating the impact of green banking initiatives on bank performance : empirical evidence from emerging economy. Discover Sustainability, 6, 453. https://doi.org/10.1007/s43621-025-01279-6
Lestari, W. T. (2023). Pengaruh Financing To Deposit Ratio (FDR) dan Biaya Operasional Pendapatan Operasional (BOPO) Terhadap Tingkat Bagi Hasil Tabungan Mudharabah Pada Bank Umum Syariah Periode 2017-2022. Universitas Swadaya Gunung Jati.
Mandala, V., Oktariyana, M. D., & Tanan, E. H. P. (2023). Pengaruh NPL dan BOPO Terhadap Return On Assets pada bank yang terdaftar di Bursa Efek Indonesia Tahun 2018-2022. Jurnal Inovasi Akuntansi (JIA), 1(2), 162–172. https://doi.org/10.36733/jia.v1i2.7692
Mardiyani, M., Maiyaliza, M., Hidayat, R. R., & Pramudya, M. D. (2025). Analysis of Current Ratio and Debt to Equity Ratio on Return On Assets with Company Size as a Moderating Variable. IJEBD (International Journal of Entrepreneurship and Business Development), 8(2), 282–290. https://doi.org/10.29138/ijebd.v8i2.3226
Myers, S. C. (2001). Capital Stucture. Journal of Economic Perspectives, 15(2), 81–102.
Nguyen, S. La, Pham, C. D., Truong, T. Van, Phi, T. Van, Le, L. T., & Vu, T. T. T. (2023). Relationship between Capital Structure and Firm Profitability : Evidence from Vietnamese Listed Companies. International Journal of Financial Studies, 45. https://doi.org/10.3390/ijfs11010045 Academic
Nkansah, E. (2025). Effects of Debt Financing Decisions on Profitability : A Comparison of USA and Europe Biopharmaceutical Industry. International Journal of Financial Studies, 13(3), 130. https://doi.org/10.3390/ ijfs13030130
Rachman, F., Muslim, A., & Widiastuti, M. C. (2023). Faktor-Faktor Yang Mempengaruhi Profitabilitas Bank di Indonesia Yang Dimoderasi Oleh Ukuran. JURNAL ILMIAH MANAJEMEN BISNIS DAN INOVASI UNIVERSITAS SAM RATULANGI (JMBI UNSRAT), 10(3), 1741–1758. https://doi.org/doi.org/10.35794/jmbi.v10i3.50410
Ramadanti, I., Kurniawan, R., & Muhsin, M. (2024). Analysis of Capital Structure and Debt Ratio to Company Financial Performance. Jurnal Ilmiah Manajemen Kesatuan, 12(5), 1785–1794. https://doi.org/10.37641/jimkes.v12i5.2532
Saif-alyousfi, A. Y. H., Alsadan, A., & Alalmaee, H. (2025). Profitability and Capital Intensity : Moderating Role of Debt Financing. Economies, 13(11), 324. https://doi.org/10.3390/economies13110324
Sugiyono. (2016). Metode Penelitian Kuantitatif, Kualitatif dan R&D. Bandung: Alfabeta.
Vinori, J., & Jaya, T. J. (2025). FIRM SIZE AS A MODERATOR : CAR , FDR , AND OEOI ON ROA. I-FINANCE: A Research Journal on Islamic Finance, 11(01), 19–34. https://doi.org/10.19109/ifinance.v11i1.25595
wartaekonomi. (2025). Emiten Gas Milik Keluarga Harsono (AGII) Raih Laba Bersih Rp104,94 Miliar pada 2024, Terkoreksi 36%. Wartaekonomi.Co.Id.
Wijayanti, V., & Nursiam. (2024). Analysis of The Influence of CAR, NPF, FDR and BOPO on The Financial Performance (ROA) of Banking in Indonesia. COSTING: Journal of Economic, Busniess and Accounting, 7(4), 7798–7811. https://doi.org/doi.org/10.31539/costing.v7i4.10223
Published
2026-04-30
How to Cite
RISMAYANA, Ghaisani Lintang; BUDIANTO, Erwin.
Operational Efficiency and Leverage Effects in Driving Financial Performance: Firm Size Moderating in Indonesian Chemical Industry.
Jurnal Cendekia Keuangan, [S.l.], v. 5, n. 1, p. 42-54, apr. 2026.
ISSN 2810-0964.
Available at: <https://ejournal.uniska-kediri.ac.id/index.php/JCK/article/view/8643>. Date accessed: 14 apr. 2026.
doi: https://doi.org/10.32503/jck.v5i1.8643.
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